Market Newsdesk

July 29, 2021 5:03 am

Vista Outdoor Announces Record FY22 First Quarter Financial Results

Total Sales Increase 38% to $663 Million; Shooting Sports Sales Up 39%; Outdoor Products Sales Up 38%

Delivers Record EBIT of $144 Million and EBITDA Margin of 24%

Record GAAP EPS of $1.71 and Adjusted EPS of $1.74

Bushnell Golf Signs Exclusive Domestic Partnership with Foresight Sports; Enters Consumer Launch Monitor and Simulation Market

PR Newswire

ANOKA, Minn., July 29, 2021 /PRNewswire/ — Vista Outdoor Inc. (NYSE: VSTO), a leading global designer, manufacturer and marketer of products in the outdoor sports and recreation markets, today reported financial results for the first quarter of its Fiscal Year 2022 (FY22), which ended on June 27, 2021.

“Fiscal year 2022 is off to a terrific start with our fourth consecutive quarter of record performance due to strong demand, great execution and a powerhouse line up of innovative outdoor products,” said Vista Outdoor Chief Executive Officer Chris Metz. “The credit goes to our team who continues to tirelessly work towards being one of the industry’s most admired companies while consistently delivering great shareholder returns.

“We are successfully executing on our value creation framework and deploying the levers of organic growth, innovation and select acquisitions. We are driving organic growth through new product development across our family of brands. We increased R&D investment by 17 percent to accelerate the pipeline of innovative gear in high demand as more consumers are recreating outdoors. We entered the golf simulation market through an exclusive domestic partnership with Foresight Sports, the leader in golf launch monitor technology, and can’t wait to introduce our new Launch Pro this Fall. And, we closed and integrated two exciting acquisitions in high growth segments playing to key market trends. The premium e-Bike brand, QuietKat, and the female, hunt-inspired apparel brand, Venor, joined the Vista Outdoor family of brands during the first quarter,” concluded Metz.

For the three months ended June 27, 2021 versus the three months ended June 28, 2020:

Sales increased 38 percent to $663 million
Gross profit rose 93 percent to $241 million and gross profit margin improved by 1025 bps
Operating expenses were 15 percent of sales and improved by 139 bps. Adjusted operating expenses were 15 percent of sales and improved by 163 bps.
Earnings before interest and taxes (EBIT) increased to $144 million, from $48 million. Adjusted EBIT increased to $146 million, from $48 million.
Interest expense decreased 12 percent to $6 million.
Fully Diluted Earnings per Share (EPS) was $1.71, compared with $0.69. Adjusted EPS was $1.74, compared with $0.51.
Cash flow provided by operating activities was $29 million, compared with cash provided of $77 million. Free cash flow generation was $36 million, compared with $73 million.

For the three months ended June 27, 2021 operating segment results versus the three months ended June 28, 2020:

Shooting Sports

Sales rose 39 percent to $463 million, driven by 39 percent growth in ammunition and 37 percent growth in our hunting and shooting category.
Gross profit increased 115 percent to $181 million. Margin acceleration was the result of operating leverage, mix, and price.
EBIT increased 160 percent to $142 million. EBIT Margin improved by 1426 bps to 31 percent from 16 percent.

Outdoor Products

Sales were up 38 percent to $200 million, driven by strong double-digit growth across all categories.
Gross profit increased 48 percent to $61 million, due to higher volume and higher margin product mix, partially offset by higher logistics costs. Gross profit margin was 30.3%, up 212 bps.
EBIT increased 125 percent to $26 million. EBIT Margin improved by 505 bps to 13 percent from 8 percent.

Please see the tables in the press release for a reconciliation of non-GAAP adjusted gross profit, EBIT, taxes, earnings per share, and free cash flow to the comparable GAAP measures.

Outlook for Fiscal Year 2022 Second Quarter

“Our first quarter results exceeded our expectations in terms of sales and profit growth across both segments,” said Sudhanshu Priyadarshi, Chief Financial Officer of Vista Outdoor. “Sales increased 38 percent and we drove record profitability in the first quarter with adjusted EBITDA margins of 24.4 percent. As part of our disciplined capital allocation strategy, we repurchased 1.2 million shares. With strong performance and a low leverage ratio of 0.7 times, we have significant financial flexibility to continue to invest in the future growth of our brands and make strategic acquisitions in the outdoor space.

“Vista Outdoor is well positioned to enhance stakeholder value. Our financial strength, portfolio of leading brands, and favorable consumer trends position Vista Outdoor incredibly well for the long term,” concluded Priyadarshi.

Based on results to date and the current market environment, Vista Outdoor’s outlook for second quarter Fiscal Year 2022 is as follows, which includes the recent acquisitions of QuietKat and Venor as well as HEVI-Shot and Remington:

Sales in a range of $710 million to $730 million, compared with $575 million in the prior year quarter.
Earnings per Share in a range of $1.70 to $1.80, compared with $1.10 of adjusted EPS in the prior year quarter.

Vista Outdoor is updating the following assumptions for Fiscal Year 2022 on a full-year basis:

Tax rate is expected to be in the mid 20 percent range
Interest expense is expected to be in line with prior year adjusted interest expense
Capital expenditures are expected to be approximately 30 percent higher than FY21
R&D expenses are expected to be approximately 25 percent higher than FY21

Earnings Conference Call Webcast Information

Vista Outdoor will hold an investor conference call to discuss its first quarter FY22 financial results and outlook on July 29, 2021, at 9 a.m. ET. The conference call will be accessible through live webcast. Interested investors and other individuals can access the webcast and view and/or download the earnings press release, including a reconciliation of non-GAAP financial measures, and the related earnings release presentation slides, which will also include detailed segment information, via Vista Outdoor’s website (www.vistaoutdoor.com). Choose “Investors” then “Events and Presentations”. For those who cannot participate in the live webcast, a telephone recording of the conference call will be available for one month after the call. The telephone number is 719-457-0820, and the confirmation code is 8590251.

Reconciliation of Non-GAAP Financial Measures

In addition to the results prepared in accordance with GAAP, we are providing the information below on a non-GAAP basis, including adjusted gross profit, adjusted operating expenses, adjusted earnings before interest and tax (EBIT), adjusted taxes, adjusted net income, and adjusted fully diluted earnings per share (EPS). Vista Outdoor defines these measures as, gross profit, operating expenses, EBIT, taxes, net income, and EPS excluding, where applicable, the impact of costs incurred for inventory step-up expense, transaction costs, transition costs, post-acquisition compensation, and tax valuation allowance. Vista Outdoor management is presenting these measures so a reader may compare gross profit, operating expenses, EBIT, taxes, net income, and EPS excluding these items, as the measures provide investors with an important perspective on the operating results of the Company. Vista Outdoor management uses this measurement internally to assess business performance, and Vista Outdoor’s definition may differ from those used by other companies.

Three months ended June 27, 2021
(in thousands)
	Gross Profit		Operating Expenses		EBIT		Taxes		Net Income		EPS
As reported	$	241,427	$	97,771	$	143,656	$	(35,253)	$	102,725	$	1.71
Inventory step-up expense	384		—		384		(96)		288		—
Transaction cost	—		(949)		949		(61)		888		0.01
Transition costs	—		(99)		99		(25)		74		—
Post-acquisition compensation	—		(546)		546		—		546		0.01
As adjusted	$	241,811	$	96,177	$	145,634	$	(35,435)	$	104,521	$	1.74

Three months ended June 28, 2020
(in thousands)
	Gross Profit		Operating Expenses		EBIT		Taxes		Net Income		EPS
As reported	$	125,368	$	77,325	$	48,043	$	(1,149)	$	40,476	$	0.69
Tax valuation allowance	—		—		—		(10,396)		(10,396)		(0.18)
As adjusted	$	125,368	$	77,325	$	48,043	$	(11,545)	$	30,080	$	0.51

*NOTE: Adjustments to “as reported” results are items that are excluded to arrive at the “as adjusted” results for the quarters ended June 27, 2021 and June 28, 2020. EPS amounts may not
foot due to rounding.

Three months ended June 27, 2021:

During the three months ended June 27, 2021, we incurred cost of goods sold related to the fair value step-up in inventory allocated from the HEVI-Shot acquisition purchase price. Given the infrequent and unique nature of this acquisition, the company believes these costs are not indicative of ongoing operations. The tax effect of the amortization expense that is deductible for tax was calculated based on a blended statutory rate of approximately 25 percent.

During the three months ended June 27, 2021, we incurred transaction costs associated with possible and actual transactions, including advisory and legal fees. Given the nature of transaction costs, and differences in these amounts from one transaction to another, the company believes these costs are not indicative of ongoing operations of the company. A portion of the transaction costs is not deductible for tax, therefore this was calculated based on a statutory rate of 6 percent.

During the three months ended June 27, 2021, we incurred transition costs for the Remington, HEVI-Shot, QuietKat and Venor business to integrate the business into the company such as severance, retention, professional fees and travel costs. Given the infrequent and unique nature of this acquisition, the company believes these costs are not indicative of ongoing operations. The tax effect of the transition costs that are deductible for tax was calculated based on a blended statutory rate of approximately 25 percent.

During the three months ended June 27, 2021, we incurred post-acquisition compensation expense related to the QuietKat acquisition. Given the infrequent and unique nature of this acquisition, the company believes these costs are not indicative of ongoing operations. The post-acquisition compensation is not deductible for tax, therefore this was calculated based on a statutory rate of 0 percent.

As noted above, our reported tax expense of $35,253 results in a tax rate of 25.5 percent and our adjusted tax expense of $35,435 results in an adjusted tax rate of 25.3 percent.

Three months ended June 28, 2020:

During the three months ended June 28, 2020, we recorded a tax valuation allowance of $10.4 million to recognize the utilization of available tax assets to offset otherwise payable taxes. The tax assets arise from tax losses and other tax attributes that could not be realized in the contemporaneous period. The company began FY21 with $38 million of tax-effected operating loss, credits and interest deduction carry forwards that can be used to reduce cash taxes as qualifying taxable income is generated over the remainder of FY21 and into the future. Given the infrequent and unique nature of this tax valuation allowance, we do not believe the $10.4 million reduction in tax expense related to the tax valuation allowance of the deferred tax assets is indicative of operations of the company.

Free Cash Flow

Free cash flow is defined as cash provided by operating activities less capital expenditures, and excluding the following costs which have been adjusted for applicable tax amounts: inventory step-up, transaction and transition costs paid to date, and pre-paid post-acquisition compensation. Vista Outdoor management believes free cash flow provides investors with an important perspective on the cash available for debt repayment, share repurchases and acquisitions after making the capital investments required to support ongoing business operations. Vista Outdoor management uses free cash flow internally to assess both business performance and overall liquidity.


	Three months ended
(in thousands)	June 27, 2021		June 28, 2020
Cash provided by operating activities	$	28,772	$	77,363
Capital Expenditures	(6,876)		(4,472)
Inventory step-up expense	(96)		—
Transaction costs	888		—
Transition costs	74		—
Post-acquisition compensation	13,000		—
Free cash flow	$	35,762	$	72,891

EBITDA Margin

EBITDA margin is defined as EBITDA (earnings before interest, taxation, depreciation and amortization) divided by net sales. Vista Outdoor management believes EBITDA margin provides investors with an important perspective on the Company’s core profitability and helps investors analyze underlying trends in the Company’s business and evaluate its performance on an absolute basis and relative to its peers. EBITDA margin should be considered in addition to, and not as a substitute for, GAAP net profit margin. Vista Outdoor’s definition may differ from that used by other companies.

Vista Outdoor has not reconciled EBITDA margin guidance to GAAP net profit margin guidance because Vista Outdoor does not provide guidance for net income, which is a reconciling item between GAAP net profit margin and non-GAAP EBITDA margin. Accordingly, a reconciliation to net profit margin is not available without unreasonable effort.

About Vista Outdoor Inc.

Vista Outdoor is a leading global designer, manufacturer, and marketer of outdoor recreation and shooting sports products. We operate through two reportable segments: Shooting Sports and Outdoor Products. Together, our segments serve the outdoor sports and recreation markets through a diverse portfolio of well-recognized brands that provide consumers with a wide range of performance-driven, high-quality and innovative products. Brands include Remington Ammunition, Bushnell, CamelBak, Bushnell Golf, Bell Helmets, Camp Chef, Giro, QuietKat, Federal Ammunition and more. Vista Outdoor products are sold at leading retailers and distributors across North America and worldwide. For news and information, visit our website or investor relations page and follow us on Twitter.

Forward-Looking Statements

Certain statements in this press release and other oral and written statements made by Vista Outdoor from time to time are forward-looking statements, including those that discuss, among other things: Vista Outdoor’s plans, objectives, expectations, intentions, strategies, goals, outlook or other non-historical matters; projections with respect to future revenues, income, earnings per share or other financial measures for Vista Outdoor; and the assumptions that underlie these matters. The words ‘believe’, ‘expect’, ‘anticipate’, ‘intend’, ‘aim’, ‘should’ and similar expressions are intended to identify such forward-looking statements. To the extent that any such information is forward-looking, it is intended to fit within the safe harbor for forward-looking information provided by the Private Securities Litigation Reform Act of 1995. Numerous risks, uncertainties and other factors could cause Vista Outdoor’s actual results to differ materially from expectations described in such forward-looking statements, including the following: impacts from the COVID-19 pandemic on Vista Outdoor’s operations, the operations of our customers and suppliers and general economic conditions; general economic and business conditions in the United States and Vista Outdoor’s other markets outside the United States, including conditions affecting employment levels, consumer confidence and spending, conditions in the retail environment, and other economic conditions affecting demand for our products and the financial health of our customers; Vista Outdoor’s ability to attract and retain key personnel and maintain and grow its relationships with customers, suppliers and other business partners, including Vista Outdoor’s ability to obtain acceptable third party licenses; Vista Outdoor’s ability to adapt its products to changes in technology, the marketplace and customer preferences, including our ability to respond to shifting preferences of the end consumer from brick and mortar retail to online retail; Vista Outdoor’s ability to maintain and enhance brand recognition and reputation; others’ use of social media to disseminate negative commentary about us and boycotts; reductions in or unexpected changes in or our inability to accurately forecast demand for ammunition, accessories or other outdoor sports and recreation products; risks associated with Vista Outdoor’s sales to significant retail customers, including unexpected cancellations, delays and other changes to purchase orders; supplier capacity constraints, production disruptions or quality or price issues affecting Vista Outdoor’s operating costs; Vista Outdoor’s competitive environment; risks associated with diversification into new international and commercial markets including regulatory compliance; changes in the current tariff structures; the supply, availability and costs of raw materials and components; increases in commodity, energy and production costs; changes in laws, rules and regulations relating to Vista Outdoor’s business, such as federal and state ammunition regulations; Vista Outdoor’s ability to realize expected benefits from acquisitions and integrate acquired businesses; Vista Outdoor’s ability to take advantage of growth opportunities in international and commercial markets; foreign currency exchange rates and fluctuations in those rates; the outcome of contingencies, including with respect to litigation and other proceedings relating to intellectual property, product liability, warranty liability, personal injury and environmental remediation; risks associated with cybersecurity and other industrial and physical security threats; capital market volatility and the availability of financing; changes to accounting standards or policies; and changes in tax rules or pronouncements. You are cautioned not to place undue reliance on any forward-looking statements we make. Vista Outdoor undertakes no obligation to update any forward-looking statements except as otherwise required by law. For further information on factors that could impact Vista Outdoor, and statements contained herein, please refer to Vista Outdoor’s filings with the Securities and Exchange Commission.

VISTA OUTDOOR INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (preliminary and unaudited)
	Three months ended
(Amounts in thousands except per share data)	June 27, 2021		June 28, 2020
Sales, net	$	662,912	$	479,140
Cost of sales	421,485		353,772
Gross profit	241,427		125,368
Operating expenses:
Research and development	5,868		5,010
Selling, general, and administrative	91,903		72,315
Earnings before interest and income taxes	143,656		48,043
Interest expense, net	(5,678)		(6,418)
Earnings before income taxes	137,978		41,625
Income tax provision	(35,253)		(1,149)
Net income	$	102,725	$	40,476
Earnings per common share:
Basic	$	1.77	$	0.70
Diluted	$	1.71	$	0.69
Weighted-average number of common shares outstanding:
Basic	58,123		58,057
Diluted	59,947		58,957

VISTA OUTDOOR INC. CONDENSED CONSOLIDATED BALANCE SHEETS (preliminary and unaudited)
(Amounts in thousands except share data)	June 27, 2021		March 31, 2021
ASSETS
Current assets:
Cash and cash equivalents	$	208,670	$	243,265
Net receivables	357,334		301,575
Net inventories	505,077		454,504
Income tax receivable	4,324		37,870
Other current assets	44,614		27,018
Total current assets	1,120,019		1,064,232
Net property, plant, and equipment	192,465		197,531
Operating lease assets	74,541		72,400
Goodwill	97,773		86,082
Net intangible assets	329,649		314,955
Deferred charges and other non-current assets, net	37,356		29,739
Total assets	$	1,851,803	$	1,764,939
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	169,459	$	163,839
Accrued compensation	40,724		63,318
Federal excise, use, and other taxes	26,651		23,092
Other current liabilities	127,549		120,568
Total current liabilities	364,383		370,817
Long-term debt	495,701		495,564
Deferred income tax liabilities	12,869		8,235
Long-term operating lease liabilities	79,123		77,375
Accrued pension and postemployment benefits	31,177		33,503
Other long-term liabilities	67,871		42,448
Total liabilities	1,051,124		1,027,942

Common stock — $.01 par value:
Authorized — 500,000,000 shares
Issued and outstanding — 57,538,158 shares as of June 27, 2021 and 58,561,016 shares as of March 31, 2021	575		585
Additional paid-in capital	1,727,204		1,731,479
Accumulated deficit	(591,311)		(694,036)
Accumulated other comprehensive loss	(82,200)		(83,195)
Common stock in treasury, at cost — 6,426,281 shares held as of June 27, 2021 and 5,403,423 shares held as of March 31, 2021	(253,589)		(217,836)
Total stockholders’ equity	800,679		736,997
Total liabilities and stockholders’ equity	$	1,851,803	$	1,764,939

VISTA OUTDOOR INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (preliminary and unaudited)
	Three months ended
(Amounts in thousands)	June 27, 2021		June 28, 2020
Operating Activities:
Net income	$	102,725	$	40,476
Adjustments to net income to arrive at cash provided by operating activities:
Depreciation	11,247		11,533
Amortization of intangible assets	4,998		4,953
Amortization of deferred financing costs	347		377
Deferred income taxes	312		(94)
(Gain)/loss on disposal of property, plant, and equipment	(3)		195
Share-based compensation	7,038		4,404
Changes in assets and liabilities:
Net receivables	(54,919)		(10,986)
Net inventories	(47,925)		(761)
Accounts payable	6,188		26,526
Accrued compensation	(22,813)		(11,820)
Accrued income taxes	36,236		982
Federal excise, use, and other taxes	3,522		1,180
Pension and other postretirement benefits	(1,363)		(6,894)
Other assets and liabilities	(16,818)		17,292
Cash provided by operating activities	28,772		77,363
Investing Activities:
Capital expenditures	(6,876)		(4,472)
Acquisition of businesses, net of cash received	(8,488)		—
Proceeds from the disposition of property, plant, and equipment	6		20
Cash used for investing activities	(15,358)		(4,452)
Financing Activities:
Borrowings on lines of credit	—		9,076
Payments on lines of credit	—		(77,332)
Payments made for debt issuance costs	(955)		—
Purchase of treasury shares	(44,232)		—
Proceeds from exercise of stock options	197		—
Payment of employee taxes related to vested stock awards	(3,018)		(100)
Cash used for financing activities	(48,008)		(68,356)
Effect of foreign exchange rate fluctuations on cash	(1)		129
(Decrease)/increase in cash and cash equivalents	(34,595)		4,684
Cash and cash equivalents at beginning of period	243,265		31,375
Cash and cash equivalents at end of period	$	208,670	$	36,059



Media Contact:	Investor Contact:

Fred Ferguson	Shelly Hubbard
Phone: 571-343-7006	Phone: 612-518-5406
E-mail: [email protected]	E-mail: [email protected]

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SOURCE Vista Outdoor Inc.

July 29, 2021 5:03 am

Bilibili to Hold Extraordinary General Meeting on September 1, 2021

SHANGHAI, China, July 29, 2021 (GLOBE NEWSWIRE) — Bilibili Inc. (the “Company” or “Bilibili”) (Nasdaq: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today published a notice to announce that it will hold an extraordinary general meeting (the “EGM”) of shareholders (the “Notice of EGM”) at Building 3, Guozheng Center, No. 485 Zhengli Road, Yangpu District, Shanghai, People’s Republic of China on September 1, 2021 at 5:30 p.m. (Beijing time) (or soon after the Class Y Meeting and the Class Z Meeting, both of which are defined below), for the purposes of considering and, if thought fit, passing the Proposed Resolutions set forth in the Notice of EGM. The Notice of EGM and form of proxy for the EGM are available on the Company’s website at https://ir.bilibili.com/. The board of directors of Bilibili fully supports the Proposed Resolutions (defined in the Notice of EGM) and recommends that shareholders and holders of ADSs vote in favor of the resolutions set out in the Notice of EGM.

The Company will hold a class meeting of holders of the Class Y ordinary shares with a par value of US$0.0001 each (the “Class Y Meeting”) and a class meeting of holders of Class Z ordinary shares with a par value of US$0.0001 each (the “Class Z Meeting”) convened on the same date and at the same place as the EGM, for the purposes of considering and, if thought fit, passing the Class-based Resolution set forth respectively in the notice of each of the Class Y Meeting and the Class Z Meeting. The notice and form of proxy for each of the Class Y Meeting and the Class Z Meeting are available on the Company’s website at https://ir.bilibili.com/.

Holders of record of ordinary shares of the Company at the close of business on July 28, 2021 (Hong Kong time) are entitled to notice of, to attend and vote at, the EGM or any adjournment or postponement thereof, and, as applicable, the Class Y Meeting or the Class Z Meeting. Holders of the Company’s American depositary shares (“ADSs”) as of the close of business on July 28, 2021 (New York time) who wish to exercise their voting rights for the underlying Class Z ordinary shares must act through the depositary of the Company’s ADS program, Deutsche Bank Trust Company Americas.

Bilibili has filed its annual report on Form 20-F, including its audited financial statements, for the fiscal year ended December 31, 2020, with the U.S. Securities and Exchange Commission. Bilibili’s Form 20-F can be accessed on the Company’s website at https://ir.bilibili.com/, as well as on the SEC’s website at http://www.sec.gov.

About Bilibili Inc.

Bilibili represents an iconic brand and a leading video community with a mission to enrich the everyday life of young generations in China. Bilibili offers a wide array of video-based content with All the Videos You Like as its value proposition. Bilibili builds its community around aspiring users, high-quality content, talented content creators and the strong emotional bond among them. Bilibili pioneered the ‘‘bullet chatting’’ feature, a live commenting function that has transformed the viewing experience by displaying thoughts and feelings of other audience viewing the same video. It has now become the welcoming home of diverse cultures and interests and destination for discovering cultural trends and phenomena for young generations in China.

For more information, please visit: http://ir.bilibili.com.

Safe Harbor Statement

This announcement contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expect,” “anticipate,” “going forward,” “intend,” “plan,” “believe,” “estimate” and similar statements. Bilibili may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Bilibili’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in Bilibili’s filings with the SEC and the prospectus registered in Hong Kong. All information provided in this press release and in the attachments is as of the date of this press release, and Bilibili undertakes no duty to update any such information, except as required under applicable law.

Contacts for Investors:

In China:

Bilibili Inc.
Juliet Yang
Tel: +86-21-2509-9255 Ext. 8523
E-mail: [email protected]

The Piacente Group, Inc.
Emilie Wu
Tel: +86-21-6039-8363
E-mail: [email protected]

In the United States:

The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: [email protected]

July 29, 2021 4:53 am

Avalara for Hospitality Helps Lodging Businesses Manage Tax Compliance

Avalara for Hospitality Helps Lodging Businesses Manage Tax Compliance

SEATTLE–(BUSINESS WIRE)–Avalara, Inc. (NYSE: AVLR),a leading provider of cloud-based tax compliance automation for businesses of all sizes, today announced the availability of Avalara for Hospitality, a solution for hotel chains, resorts, online travel agencies, property management groups, and short-term rental operators that automates the most onerous and time-consuming aspects of tax compliance, including calculation and filing of sales and lodging tax returns.

“Today’s announcement coincides with businesses in this sector emerging from shutdowns and curtailed operations, and developing a path forward to growth and profitability,” said Sanjay Parthasarathy, chief product officer at Avalara. “Many hospitality businesses have used the enforced downtime to implement new technologies that modernize operations, streamline processes via automation, gain efficiencies, and reduce the risk of audits and fines for noncompliance of tax and other obligations.Avalara for Hospitality helps these businesses manage the full breadth of their tax compliance commitments, and deal with the many changes in rates, rules, and new tax types added by jurisdictions.”

Address compulsory hospitality compliance obligations with Avalara

Avalara for Hospitality provides the following benefits to businesses:

Improve compliance. Maintaining accurate tax rates and rules is a labor-intensive process, whether a business is managing a single property or a chain of hotels. Getting rates wrong or not understanding total obligations can result in overpaying or underpaying taxes. Tax experts at Avalara track lodging and related tax rates at the city, county, and state level, and Avalara for Hospitality automates these tax calculations. Avalara also helps determine which taxes are owed and remits your funds to the jurisdiction on a regular cadence, facilitating compliance.

Streamline reporting. Manually consolidating data to determine tax obligations for online travel agencies, property management groups, and hotel chains via their back-end systems is a time-consuming process, prone to human error. Avalara for Hospitality can integrate with your existing hospitality marketplace, ERP, PMS, point-of-sale, or accounting platforms, delivering consistent rates and reporting across sales channels and internal systems.

Improve process efficiency. Preparing, filing, and remitting reports for city, county, and state jurisdictions requires significant manual effort, with even greater complexity if a business is operating properties in multiple jurisdictions or renting through multiple channels. Customers can offload returns preparation, filing, and remitting to Avalara. Avalara for Hospitality also allows businesses to write a single remittance check, and Avalara distributes the funds based on what is owed to each jurisdiction, helping to reduce costs and increase efficiency and compliance.

Reduce audit risk, improve customer experience. Streamline processes to create a simple, reliable booking experience that includes tax rates to show exact charges up front. In addition, improve pricing transparency while mitigating audit risk. Avalara integrates with booking platforms to provide a consistent rate, no matter how your customers make their reservation.

“Avalara for Hospitality provides businesses with a technology solution to solve for an ongoing, complex, time-consuming compliance burden that diverts resources away from business-building activities,” said Oliver Hoare, general manager for Lodging at Avalara. “As hotels and resorts begin a return to full capacity, streamlining a host of back-office operations including the calculation, filing, and remittance of lodging, sales, and other taxes is essential to remaining competitive, mitigating current and future risk, and maintaining a laser focus on growth.”

Avalara will continue to add new capabilities and functionality, including additional hospitality tax types, to upcoming releases of the Avalara for Hospitality solution.

For additional information on Avalara for Hospitality, please click here.

About Avalara

Avalara helps businesses of all sizes get tax compliance right. In partnership with leading ERP, accounting, ecommerce, and other financial management system providers, Avalara delivers cloud-based compliance solutions for various transaction taxes, including sales and use, VAT, GST, excise, communications, lodging, and other indirect tax types. Headquartered in Seattle, Avalara has offices across the U.S. and around the world in Brazil, Europe, and India. More information at avalara.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210729005205/en/

Media Contact

Brian Austin

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707-799-9838

Investor Contact

Jennifer Gianola

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650-499-9837

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Posted on July 29, 2021 4:38 am
Genetron Health Partners with Guizhou Province’s Dafang County to Lead Liver Cancer Early Screening Project

BEIJING, July 29, 2021 (GLOBE NEWSWIRE) — Genetron Holdings Limited (“Genetron Health” or the “Company”, NASDAQ: GTH), a leading precision oncology platform company in China that specializes in offering molecular profiling tests, early cancer screening products and companion diagnostics development, today announced that it will work with Guizhou Province’s Dafang County authorities to lead the “Early Screening for Regional Liver Cancer Prevention and Containment Demonstration Project”. Backed by the Central Committee of the Chinese Peasants and Workers Democratic Party and guided by China’s National Cancer Center, this project is a collective effort that will be carried out by the Dafang County Health Bureau, the People’s Hospital of Dafang, and Genetron Health.

The project seeks to push boundaries for leading cancer early screening technologies, products, and services in China’s rural markets, enabling healthcare efforts to reach a wider range of people. This project represents Genetron Health’s latest efforts to partner with local governments, following the Company’s previous partnership with Wuxi’s Huishan district.

Genetron Health will work with its partners to carry out early screening, diagnosis, treatment, follow-up screenings, and patient management for high risk liver cancer groups in Guizhou’s Dafang County. Genetron Health will establish a comprehensive cancer prevention and containment model that prioritizes prevention, and integrates it with long-term screening management, diagnosis, and treatment.

HCCscreen™, Genetron Health’s blood-based early screening test for hepatocellular carcinoma, will play a key role in this project. HCCscreen™ leverages Genetron Health’s original technology, Mutation Capsule, to simultaneously detect different biomarkers in a blood sample without reducing sensitivity; the technology can also be used repeatedly on the same blood sample. This enables it to obtain more comprehensive, accurate information in a manner that is not only simple, fast, and precise, but is also more accessible for doctors and patients. In 2019, China’s National Cancer Center used HCCscreen™’s liver cancer early screening liquid biopsy technology in a large-scale prospective cohort study. According to the project’s recently released data, HCCscreen™ was able to achieve 88% sensitivity and 93% specificity in a prospective cohort of 1,615 HBsAg positive patients, indicating performance superior to that of studies using ultrasound and AFP detection technology.

“Innovating medical technology begins with exploration, and extrapolating scientific research results to the general public is a core value of independent innovation. In response to the government’s ‘Healthy China 2030’ campaign, we have made extensive efforts to build a three-dimensional cancer prevention and containment system,” said Sizhen Wang, Co-Founder and CEO of Genetron Health.

“On one hand, we act as a driving force, working together with various partners and stakeholders across the value chain to promote the industry’s development. On the other hand, we use original technology to move precise cancer diagnosis forward to the early screening stage, enabling the prevention and containment of cancer across the entire cycle. More importantly, we are able to deeply penetrate local markets and make technology accessible to a wider population, enabling better, more equitable protection of people’s health,” concluded CEO Wang.

About Genetron Holdings Limited

Genetron Holdings Limited (“Genetron Health” or the “Company”) (Nasdaq:GTH) is a leading precision oncology platform company in China that specializes in cancer molecular profiling and harnesses advanced technologies in molecular biology and data science to transform cancer treatment. The Company has developed a comprehensive oncology portfolio that covers the entire spectrum of cancer management, addressing needs and challenges from early screening, diagnosis and treatment recommendations, as well as continuous disease monitoring and care. Genetron Health also partners with global biopharmaceutical companies and offers customized services and products. For more information, please visit ir.genetronhealth.com.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of federal securities laws, including statements regarding HCCscreen™ and Mutation Capsule, which involve risks and uncertainties that could cause the actual results to differ materially from the anticipated results and expectations expressed in these forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may”, “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

Investor Relations Contact
US:
Hoki Luk
Head of Investor Relations
Email: [email protected]
Phone: +1 (408) 891-9255

Media Relations Contact
Yanrong Zhao
Genetron Health
[email protected]

Posted on July 29, 2021 4:32 am
Accenture Acquires Openmind in Italy to Help Clients Reimagine Commerce Experiences

Accenture Acquires Openmind in Italy to Help Clients Reimagine Commerce Experiences

Openmind’s multi-channel solutions will enhance Accenture Interactive’s ability to deliver seamless, cloud-based commerce experiences at scale

MILAN–(BUSINESS WIRE)–
Accenture (NYSE: ACN) has acquired Openmind, a boutique commerce agency in Italy with key capabilities in cloud-based platforms, to meet client demand in the rapidly growing commerce market and deliver transformative experiences.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210729005210/en/

Accenture acquires Openmind in Italy to help clients reimagine commerce experiences (Graphic: Business Wire)

Notably the first acquisition for Accenture Interactive in the country, Openmind boasts a multidisciplinary consulting approach in the areas of commerce, content, strategy, experience design and technology, which will enhance Accenture Interactive’s capabilities to deliver greater operational excellence to clients across all industry sectors, particularly luxury and fashion. Terms of the transaction were not disclosed.

Spurred by the pandemic, the Italian fashion industry has rapidly accelerated towards ecommerce and online sales and expects to see double-digit growth in the next three years¹, resulting in the need for requisite skills to deliver data-driven, human-centric digital experiences across connected platforms and leading cloud technologies. The acquisition of Openmind will continue to scale Accenture Interactive’s commerce capabilities in the region, offering clients strategy and implementation of seamless commerce experiences on platforms including, Adobe, Salesforce and SAP along with helping meet clients’ ambitions for international expansion through Accenture’s global delivery network.

“We are delighted to welcome the Openmind team who will join us in our mission to drive greater impact and commerce efficiencies for our clients in Italy and around the world,” said Massimo Morielli, president of Europe for Accenture Interactive. “The pandemic accelerated the shift to buying things online in a major way and has opened up a world of opportunities to brands to transform the commerce experience. They cannot ignore the direction their customers are heading in and the deep experience of the Openmind team will ensure our clients have the tools needed to create these seamless experiences.”

Founded in 2004, Openmind, based in Monza, Italy, works with some of the world’s leading luxury and fashion brands and was recently named in the Financial Times’ FT 1000: Europe’s Fastest Growing Companies list. Approximately 110 employees from Openmind will join Accenture Interactive in Italy, bringing deep technical skills and a proven reputation with clients.

“The future cannot be predicted, but we can help build it,” said Ivano Cauli, CEO of Openmind, “We are excited to join the Accenture Interactive team to help deliver superior commerce solutions by using the power of leading platforms to transform the commerce experience. We are thrilled to be able to further our mission through Accenture Interactive’s proven track record as a leader in the industry, which we are confident will drive success and growth for clients.”

Accenture Interactive’s commerce offering is centered on supporting clients design and implement transformative experiences for the consumer, offering expertise in emerging platforms and modern commerce architectures such as headless and composable commerce.

About Accenture

Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Interactive, Technology and Operations services — all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 569,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities.

Visit us at www.accenture.com

Accenture Interactive is reimagining business through experience. We drive sustainable growth by creating meaningful experiences that live at the intersection of purpose and innovation. By connecting deep human and business insights with the possibilities of technology, we design, build, communicate and run experiences that make lives easier, more productive and rewarding. Accenture Interactive is ranked the world’s largest digital agency by Ad Age and has been named a Most Innovative Company by Fast Company. To learn more, follow us @AccentureACTIVE and visit www.accentureinteractive.com

Forward-Looking Statements

Except for the historical information and discussions contained herein, statements in this news release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “positioned,” “outlook” and similar expressions are used to identify these forward-looking statements. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied. Many of the following risks, uncertainties and other factors identified below are, and will be, amplified by the COVID-19 pandemic. These risks include, without limitation, risks that: the transaction might not achieve the anticipated benefits for Accenture; Accenture’s results of operations have been significantly adversely affected and could in the future be materially adversely impacted by the COVID-19 pandemic; Accenture’s results of operations have been, and may in the future be, adversely affected by volatile, negative or uncertain economic and political conditions and the effects of these conditions on the company’s clients’ businesses and levels of business activity; Accenture’s business depends on generating and maintaining ongoing, profitable client demand for the company’s services and solutions including through the adaptation and expansion of its services and solutions in response to ongoing changes in technology and offerings, and a significant reduction in such demand or an inability to respond to the evolving technological environment could materially affect the company’s results of operations; if Accenture is unable to keep its supply of skills and resources in balance with client demand around the world and attract and retain professionals with strong leadership skills, the company’s business, the utilization rate of the company’s professionals and the company’s results of operations may be materially adversely affected; Accenture could face legal, reputational and financial risks if the company fails to protect client and/or company data from security incidents or cyberattacks; the markets in which Accenture operates are highly competitive, and Accenture might not be able to compete effectively; Accenture’s profitability could materially suffer if the company is unable to obtain favorable pricing for its services and solutions, if the company is unable to remain competitive, if its cost-management strategies are unsuccessful or if it experiences delivery inefficiencies or fail to satisfy certain agreed-upon targets or specific service levels; changes in Accenture’s level of taxes, as well as audits, investigations and tax proceedings, or changes in tax laws or in their interpretation or enforcement, could have a material adverse effect on the company’s effective tax rate, results of operations, cash flows and financial condition; Accenture’s ability to attract and retain business and employees may depend on its reputation in the marketplace; as a result of Accenture’s geographically diverse operations and its growth strategy to continue to expand in its key markets around the world, the company is more susceptible to certain risks; Accenture’s business could be materially adversely affected if the company incurs legal liability; Accenture’s work with government clients exposes the company to additional risks inherent in the government contracting environment; Accenture’s results of operations could be materially adversely affected by fluctuations in foreign currency exchange rates; if Accenture is unable to manage the organizational challenges associated with its size, the company might be unable to achieve its business objectives; if Accenture does not successfully manage and develop its relationships with key alliance partners or fails to anticipate and establish new alliances in new technologies, the company’s results of operations could be adversely affected; Accenture might not be successful at acquiring, investing in or integrating businesses, entering into joint ventures or divesting businesses; if Accenture is unable to protect or enforce its intellectual property rights or if Accenture’s services or solutions infringe upon the intellectual property rights of others or the company loses its ability to utilize the intellectual property of others, its business could be adversely affected; Accenture’s results of operations and share price could be adversely affected if it is unable to maintain effective internal controls; changes to accounting standards or in the estimates and assumptions Accenture makes in connection with the preparation of its consolidated financial statements could adversely affect its financial results; Accenture might be unable to access additional capital on favorable terms or at all and if the company raises equity capital, it may dilute its shareholders’ ownership interest in the company; Accenture may be subject to criticism and negative publicity related to its incorporation in Ireland; as well as the risks, uncertainties and other factors discussed under the “Risk Factors” heading in Accenture plc’s most recent Annual Report on Form 10-K and other documents filed with or furnished to the Securities and Exchange Commission. Statements in this news release speak only as of the date they were made, and Accenture undertakes no duty to update any forward-looking statements made in this news release or to conform such statements to actual results or changes in Accenture’s expectations.

[1] Sources: Osservatorio PoliMi 2020

Copyright © 2021 Accenture. All rights reserved. Accenture and its logo are trademarks of Accenture.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210729005210/en/

Rosie Milton

Accenture Interactive

+44 77 6928 6484

[email protected]

Samuela Marti

Accenture Italy

+39 0277758577

[email protected]

KEYWORDS: Italy Europe

INDUSTRY KEYWORDS: Technology Consulting Security Other Technology Professional Services Software Networks Data Management Other Professional Services

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Accenture acquires Openmind in Italy to help clients reimagine commerce experiences (Graphic: Business Wire)

Posted on July 29, 2021 4:03 am
Boeing Donates €500,000 to Assist Red Cross Flood Relief Efforts in Germany

– Contribution will help provide emergency power, emergency relief supplies, communication infrastructure, and medical care, first aid and rescue services in the region.

PR Newswire

BERLIN, July 29, 2021 /PRNewswire/ — The Boeing Company [NYSE: BA] today announced a €500,000 donation from the Boeing Charitable Trust to the American Red Cross to assist with flood relief efforts in Germany. Funds will be deployed by the German Red Cross to provide emergency power, distribute emergency relief supplies, improve communication infrastructure and mobilize medical care, first aid and rescue services to the hardest hit areas in the region.

“Our hearts go out to all of the people of Germany who have been impacted by these devastating floods,” said Marc Allen, Boeing’s chief strategy officer, senior vice president of Strategy and Corporate Development and interim leader of Government Operations. “Through our partnership with the American Red Cross and German Red Cross, we are working quickly to bring much-needed emergency funding to communities hit hardest by these recent events. Germany is an important partner to both the U.S. and to Boeing, and we hope that this emergency assistance package provides some level of relief during these difficult times.”

“Boeing has a strong relationship with Germany and we feel that it is our responsibility to stand at the side of the German people in these exceptional circumstances,” added Dr. Michael Haidinger, president of Boeing Germany.

In the aftermath of the severe flooding, hundreds of people have lost their lives and the property loss is estimated to be in the billions. More than 3,000 German Red Cross workers are providing assistance in North Rhine-Westphalia and Rhineland-Palatinate. The work is only just beginning, and the Red Cross will continue to provide assistance in the months to come.

“The American Red Cross is grateful for partners like Boeing for stepping up during these unprecedented times,” said Koby Langley, senior vice president of International Services for the American Red Cross. “Boeing’s contribution supports the Red Cross efforts to help communities affected by flooding in Germany. We are deeply grateful for their generous support during this challenging time.”

Boeing continues to monitor the situation and is in regular communication with its 1,000 employees in Germany. All Boeing facilities in Germany are currently operating normally.

Disaster relief efforts in Germany align with Boeing’s ongoing commitment to the communities where the company has a presence. Boeing Germany supports an estimated 23,000 direct and indirect jobs in the country. Boeing is active and engaged in German communities, contributing more than €240,000 in charitable giving in 2020.

About Boeing
As a leading global aerospace company, Boeing develops, manufactures and services commercial airplanes, defense products and space systems for customers in more than 150 countries. As a top U.S. exporter, the company leverages the talents of a global supplier base to advance economic opportunity, sustainability and community impact. Boeing’s diverse team is committed to innovating for the future and living the company’s core values of safety, quality and integrity. Learn more at www.Boeing.com.

For more information about Boeing’s work in Germany, visit https://www.boeing.de/.

For more information about Boeing’s philanthropic efforts, please visit the Company’s Global Engagement website.

About the American Red Cross
The American Red Cross shelters, feeds and provides comfort to victims of disasters; supplies about 40% of the nation’s blood; teaches skills that save lives; distributes international humanitarian aid; and supports veterans, military members and their families. The Red Cross is a nonprofit organization that depends on volunteers and the generosity of the American public to deliver its mission. For more information, please visit redcross.org or CruzRojaAmericana.org, or follow us on Twitter at @RedCross.

Contacts

Daniel Moszynski

Boeing Communications
Germany
Phone: +49 173 6278769
[email protected]

Jason Capeheart

Boeing Communications
Corporate
Phone: +1 703 209 5560
[email protected]

Jenelle Eli

American Red Cross
Phone: +1 202 303-5551
[email protected]

View original content:https://www.prnewswire.com/news-releases/boeing-donates-500-000-to-assist-red-cross-flood-relief-efforts-in-germany-301343834.html

SOURCE Boeing

Posted on July 29, 2021 4:03 am
Global InsurTech funding balloons to $4.8 billion in Q2, up 89% from Q1 to push H1, 2021 ahead of full-year 2020

LONDON, July 29, 2021 (GLOBE NEWSWIRE) — Global investment in the InsurTech sector reached an emphatic record during H1, 2021, as half-year funding of US$7.4 billion exceeded full-year investment in 2020, and in every other year, according to the new Quarterly InsurTech Briefing from Willis Towers Watson, a leading global advisory, broking and solutions company (NASDAQ: WLTW).

The latest quarter saw 162 deals yield more than $4,824 million in investment, a 210% increase over Q2, 2020. The enormous quarterly total, itself more than any annual total before 2019, was driven largely by 15 mega-rounds of $100 million or more. Collectively, these deals reached $3.3 billion, or two-thirds of total funding during the quarter. The money was raised predominantly by later-stage players seeking expansion.

Meanwhile Series B and C fundraisings drove the large number of deals in the second quarter, but the number of early-stage deals also increased. They were up by more than 9% from the previous quarter, and 200% from pandemic-stricken Q2, 2020. As a percentage of overall deals, early stage activity held roughly steady, at 57%.

InsurTechs focused on distribution accounted for 55% of start-up deals, and for 10 of the 15 mega-rounds. Most of the distribution InsurTechs target reduced dependence on agent channels. Of all Q2 deals, 73% were for P&C-related InsurTechs, while 43 companies raised funds for L&H technology. Funds were raised by companies from 35 countries, including new entrants Botswana, Mali, Romania, Saudi Arabia, and Turkey.

Dr. Andrew Johnston, global head of InsurTech at Willis Re, said: “As technology changes our lives, society will demand an insurance community that reflects and supports our changing, digitally empowered behaviors. Consumers and businesses increasingly expect insurance to be delivered when and how they want it, and risk carriers that fail to respond will fall away over time. To embrace technology is a minimum survival condition. Those that use it to redefine service in the insurance world will thrive. That means a positive future for InsurTechs that bring a truly differentiated business approach to our industry. Some of them will create untold long-term opportunities for themselves and the insurance sector.”

The latest Briefing, which focuses on InsurTechs targeting insurance distribution, opens with a detailed exploration of the way technology is impacting the future of delivery channels. The Briefing includes case studies of the InsurTechs bolttech, which connects insurers, distribution partners, and customers over an exchange platform; Semsee, a platform for quoting small commercial business; Breathe Life, a digital distribution platform for life insurance carriers; Uncharted and Bindable, two consumer-facing insurance aggregation platforms; Penni.io, which embeds carriers’ products into distribution partners’ digital customer journeys; and Talage, a commercial quoting engine built for white-labelling.

The Q2, 2021 Briefing includes a discussion with Adrian Jones, Managing Director of InsurTech investor Hudson Structured Capital Management, and another with Chief Digital Officer Sean Ringsted, who leads global insurer Chubb’s digital integration effort. ‘Transaction Spotlight’ takes a deep-dive into three recent Series D mega-round fundraisings by the InsurTechs Ethos ($200m), Bought by Many ($350m), and Shift Technology ($220m), while ‘Technology Spotlight’ explores Willis Towers Watson’s Radar Workbench, an analytical platform that helps commercial underwriters make and implement confident decisions at pace.

Finally, the issue carries an article by Clyde Bernstein, Head of GB Broking and Global Leader of Data and Technology Broking Strategy at Willis Towers Watson. Bernstein said: “Lift the hood on the insurance industry and you will see the engine in danger of over-heating. The diagnosis from those tasked with keeping the industry on the right trajectory is that a different motor is needed. Fortunate passengers will enjoy the ride as new distribution and technologies deliver a better and more responsive client experience.”

View the full report here.

About Willis Re

One of the world’s leading reinsurance brokers, Willis Re is known for its world-class analytics capabilities, which it combines with its reinsurance expertise in a seamless, integrated offering that can help clients increase the value of their businesses. Willis Re serves the risk management and risk transfer needs of a diverse, global client base that includes all of the world’s top insurance and reinsurance carriers as well as national catastrophe schemes in many countries around the world. The broker’s global team of experts offers services and advice that can help clients make better reinsurance decisions and negotiate optimum terms. For more information, visit willistowerswatson.com/Solutions/reinsurance.

About Willis Towers Watson

Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving more than 140 countries and markets. We design and deliver solutions that manage risk, optimise benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas – the dynamic formula that drives business performance. Together, we unlock potential. Learn more at willistowerswatson.com.

Media contact

Haggie Partners: +44 20 7562 4444 | [email protected]

Posted on July 29, 2021 4:03 am
Janus Henderson Group plc Reports Second Quarter 2021 Diluted EPS of US$0.79, or US$1.16 on an Adjusted Basis

Janus Henderson Group plc Reports Second Quarter 2021 Diluted EPS of US$0.79, or US$1.16 on an Adjusted Basis

Solid long-term investment performance, with 66% and 63% of assets under management (‘AUM’) outperforming relevant benchmarks on a three- and five-year basis, respectively, as at 30 June 2021

Second quarter 2021 operating income was US$225.0 million; second quarter 2021 adjusted operating income of US$269.3 million increased 95% compared to the same period a year ago

AUM of US$427.6 billion increased 6% compared to the prior quarter, reflecting positive markets partially offset by net outflows of US$(2.5) billion

Board declared quarterly dividend of US$0.38 per share and approved authorisation of US$200 million of buybacks through April 2022

LONDON–(BUSINESS WIRE)–
Janus Henderson Group plc (NYSE/ASX: JHG; ‘JHG’, ‘the Group’) published its second quarter 2021 results for the period ended 30 June 2021.

Second quarter 2021 operating income was US$225.0 million compared to US$192.5 million in the first quarter 2021 and US$106.7 million in the second quarter 2020. Adjusted operating income, adjusted for one-time, acquisition and transaction related costs, was US$269.3 million in the second quarter 2021 compared to US$201.5 million in the first quarter 2021 and US$138.4 million in the second quarter 2020.

Second quarter 2021 diluted earnings per share of US$0.79 decreased 10% compared to US$0.88 in the first quarter 2021 and increased 44% compared to US$0.55 in the second quarter 2020. Adjusted diluted earnings per share of US$1.16 in the second quarter 2021 increased 27% compared to US$0.91 in the first quarter 2021 and increased 73% versus US$0.67 in the second quarter 2020.

Dick Weil, Chief Executive Officer of Janus Henderson Group plc, stated:

“Second quarter financial results were extremely strong, reflecting growth in assets due to positive markets and good investment performance which translated into significant performance fees, adjusted operating income and EPS. Our strong balance sheet, cash flow generation and financial discipline allow us to increase the return of excess cash to shareholders with the US$200 million accretive buyback announced today.

“While we continue to make progress towards sustained organic growth, we are winning high-quality new business which is driving our net management fee rate higher during a period of fee compression in the industry. I am confident that our strategy of Simple Excellence has us on the right path to a stronger, more profitable and resilient company positioned well for long-term growth and value creation.”

RESULTS FOR ANNOUNCEMENT TO THE MARKET

These results for announcement to the market include the interim information required to be provided to the Australian Securities Exchange (ASX) under Listing Rule 4.2A and Appendix 4D.

SUMMARY OF FINANCIAL RESULTS (unaudited) (in US$ millions, except per share data or as noted)

The Group presents its financial results in US$ and in accordance with accounting principles generally accepted in the United States of America (‘US GAAP’ or ‘GAAP’). However, JHG management evaluates the profitability of the Group and its ongoing operations using additional non-GAAP financial measures. Management uses these performance measures to evaluate the business, and adjusted values are consistent with internal management reporting. See ‘Reconciliation of non-GAAP financial information’ below for additional information.

Six months ended

30 Jun

30 Jun

2021

2020

% change

GAAP basis:

Revenue

1,382.4

1,072.9

29

%

Operating expenses

964.9

1,298.6

(26)

%

Operating income (loss)

417.5

(225.7)

nm

Operating margin

30.2

%

(21.0)

%

nm

Net income (loss) attributable to JHG

292.8

(144.1)

nm

Diluted earnings (loss) per share

1.67

(0.79)

nm

Adjusted basis:

Revenue

1,120.2

856.0

31

%

Operating expenses

649.4

553.1

17

%

Operating income

470.8

302.9

55

%

Operating margin

42.0

%

35.4

%

6.6

ppt

Net income attributable to JHG

362.0

239.3

51

%

Diluted earnings per share

2.07

1.28

61

%

Three months ended

30 Jun

31 Mar

30 Jun

2021

2021

2020

GAAP basis:

Revenue

738.4

644.0

518.0

Operating expenses

513.4

451.5

411.3

Operating income

225.0

192.5

106.7

Operating margin

30.5

%

29.9

%

20.6

%

Net income attributable to JHG

137.3

155.5

102.9

Diluted earnings per share

0.79

0.88

0.55

Adjusted basis:

Revenue

603.6

516.6

413.3

Operating expenses

334.3

315.1

274.9

Operating income

269.3

201.5

138.4

Operating margin

44.6

%

39.0

%

33.5

%

Net income attributable to JHG

200.5

161.5

126.6

Diluted earnings per share

1.16

0.91

0.67

DIVIDEND AND SHARE BUYBACK

On 28 July 2021, the Board declared a second quarter dividend in respect of the three months ended 30 June 2021 of US$0.38 per share. Shareholders on the register on the record date of 9 August 2021 will be paid the dividend on 25 August 2021. Janus Henderson does not offer a dividend reinvestment plan.

Additionally, on 28 July 2021, and subject to formally appointing a corporate broker, the Board authorised JHG commencing a new on-market buyback programme in 2021, on a date to be determined and announced by JHG. The Group intends to spend up to US$200 million to buy its ordinary shares on the NYSE and its CHESS Depositary Interests (CDIs) on the ASX through April 2022. Further information regarding the proposed on-market buyback programme will be announced immediately prior to its finalisation and formal launch.

Net tangible assets per share

US$

30 Jun 2021

30 Jun 2020

Net tangible assets / (liabilities) per ordinary share

3.56

2.61

Net tangible assets are defined by the ASX as being total assets less intangible assets less total liabilities ranking ahead of, or equally with, claims of ordinary shares.

AUM AND FLOWS (in US$ billions)

FX reflects movement in AUM resulting from changes in foreign currency rates as non-US$ denominated AUM is translated into US$. Redemptions include impact of client switches.

Total Group comparative AUM and flows

Three months ended

30 Jun

31 Mar

30 Jun

2021

2021

2020

Opening AUM

405.1

401.6

294.4

Sales

18.4

20.7

17.9

Redemptions

(20.9

)

(24.0

)

(26.1

)

Net sales / (redemptions)

(2.5

)

(3.3

)

(8.2

)

Market / FX

25.0

6.8

50.5

Closing AUM

427.6

405.1

336.7

Quarterly AUM and flows by capability

Fixed

Quantitative

Equities

Income

Multi-Asset

Equities

Alternatives

Total

AUM 30 Jun 2020

179.1

70.2

40.3

37.5

9.6

336.7

Sales

5.8

5.9

2.3

1.3

0.5

15.8

Redemptions

(10.9

)

(4.1

)

(1.7

)

(1.4

)

(0.6

)

(18.7

)

Net sales / (redemptions)

(5.1

)

1.8

0.6

(0.1

)

(0.1

)

(2.9

)

Market / FX

14.9

3.1

2.7

3.3

0.5

24.5

AUM 30 Sep 2020

188.9

75.1

43.6

40.7

10.0

358.3

Sales

10.3

8.7

3.1

0.3

0.8

23.2

Redemptions

(10.4

)

(7.5

)

(1.9

)

(3.7

)

(0.8

)

(24.3

)

Net sales / (redemptions)

(0.1

)

1.2

1.2

(3.4

)

—

(1.1

)

Market / FX

30.6

5.2

3.2

4.7

0.7

44.4

AUM 31 Dec 2020

219.4

81.5

48.0

42.0

10.7

401.6

Sales

10.5

5.9

3.0

0.2

1.1

20.7

Redemptions

(12.0

)

(5.5

)

(2.2

)

(2.3

)

(2.0

)

(24.0

)

Net sales / (redemptions)

(1.5

)

0.4

0.8

(2.1

)

(0.9

)

(3.3

)

Market / FX

7.0

(2.4

)

0.7

1.4

0.1

6.8

AUM 31 Mar 2021

224.9

79.5

49.5

41.3

9.9

405.1

Sales

8.6

5.9

2.4

0.2

1.3

18.4

Redemptions

(10.5

)

(6.0

)

(1.9

)

(1.5

)

(1.0

)

(20.9

)

Net sales / (redemptions)

(1.9

)

(0.1

)

0.5

(1.3

)

0.3

(2.5

)

Market / FX

17.1

1.1

3.2

3.4

0.2

25.0

AUM 30 Jun 2021

240.1

80.5

53.2

43.4

10.4

427.6

Average AUM

Three months ended

30 Jun

31 Mar

30 Jun

2021

2021

2020

Equities

235.3

223.6

168.7

Fixed Income

80.7

80.9

68.7

Multi-Asset

51.8

48.7

38.3

Quantitative Equities

42.9

41.5

38.0

Alternatives

10.1

10.6

9.3

Total

420.8

405.3

323.0

INVESTMENT PERFORMANCE

% of AUM outperforming benchmark (at 30 June 2021)

Capability

1-year

3-year

5-year

Equities

56

%

56

%

55

%

Fixed Income

98

%

96

%

97

%

Multi-Asset

98

%

97

%

97

%

Quantitative Equities

23

%

23

%

2

%

Alternatives

98

%

97

%

100

%

Total

66

%

66

%

63

%

Outperformance is measured based on composite performance gross of fees vs primary benchmark, except where a strategy has no benchmark index or corresponding composite in which case the most relevant metric is used: (1) composite gross of fees vs zero for absolute return strategies, (2) fund net of fees vs primary index or (3) fund net of fees vs Morningstar peer group average or median. Non-discretionary and separately managed account assets are included with a corresponding composite where applicable.

Cash management vehicles, ETFs, Managed CDOs, Private Equity funds and custom non-discretionary accounts with no corresponding composite are excluded from the analysis. Excluded assets represent 5% of AUM as at 30 June 2021. Capabilities defined by Janus Henderson.

% of mutual fund AUM in top 2 Morningstar quartiles (at 30 June 2021)

Capability

1-year

3-year

5-year

Equities

32

%

59

%

44

%

Fixed Income

57

%

80

%

75

%

Multi-Asset

19

%

92

%

91

%

Quantitative Equities

41

%

47

%

7

%

Alternatives

27

%

76

%

27

%

Total

33

%

67

%

55

%

Includes Janus Investment Fund, Janus Aspen Series and Clayton Street Trust (US Trusts), Janus Henderson Capital Funds (Dublin based), Dublin and UK OEIC and Investment Trusts, Luxembourg SICAVs and Australian Managed Investment Schemes. The top two Morningstar quartiles represent funds in the top half of their category based on total return. On an asset-weighted basis, 75% of total mutual fund AUM was in the top 2 Morningstar quartiles for the 10-year period ending 30 June 2021. For the 1-, 3-, 5- and 10-year periods ending 30 June 2021, 42%, 56%, 51% and 60% of the 196, 185, 182 and 148 total mutual funds, respectively, were in the top 2 Morningstar quartiles.

Analysis based on ‘primary’ share class (Class I Shares, Institutional Shares or share class with longest history for US Trusts; Class A Shares or share class with longest history for Dublin based; primary share class as defined by Morningstar for other funds). Performance may vary by share class. Rankings may be based, in part, on the performance of a predecessor fund or share class and are calculated by Morningstar using a methodology that differs from that used by Janus Henderson. Methodology differences may have a material effect on the return and therefore the ranking. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period.

ETFs and funds not ranked by Morningstar are excluded from the analysis. Capabilities defined by Janus Henderson. © 2021 Morningstar, Inc. All Rights Reserved.

THIRD QUARTER 2021 RESULTS

Janus Henderson intends to publish its third quarter 2021 results on 28 October 2021.

SECOND QUARTER 2021 RESULTS BRIEFING INFORMATION

Chief Executive Officer Dick Weil and Chief Financial Officer Roger Thompson will present these results on 29 July 2021 on a conference call and webcast to be held at 8am EDT, 1pm BST, 10pm AEST.

Those wishing to participate should call:

United Kingdom

0800 279 9489 (toll free)

United States

866 270 1533 (toll free)

Australia

1 800 121 301 (toll free)

All other countries

+1 412 317 0797 (this is not toll free)

Conference ID

10157508

Access to the webcast and accompanying slides will be available via the investor relations section of Janus Henderson’s website (ir.janushenderson.com).

About Janus Henderson

Janus Henderson Group is a leading global active asset manager dedicated to helping investors achieve long-term financial goals through a broad range of investment solutions, including equities, fixed income, quantitative equities, multi-asset and alternative asset class strategies.

At 30 June 2021, Janus Henderson had approximately US$428 billion in assets under management, more than 2,000 employees, and offices in 25 cities worldwide. Headquartered in London, the company is listed on the New York Stock Exchange (NYSE) and the Australian Securities Exchange (ASX).

FINANCIAL DISCLOSURES

Condensed consolidated statements of comprehensive income (unaudited)

Three months ended

30 Jun

31 Mar

30 Jun

(in US$ millions, except per share data or as noted)

2021

2021

2020

Revenue:

Management fees

544.1

514.9

407.7

Performance fees

77.4

17.0

17.2

Shareowner servicing fees

64.0

60.8

47.3

Other revenue

52.9

51.3

45.8

Total revenue

738.4

644.0

518.0

Operating expenses:

Employee compensation and benefits

192.4

174.6

145.8

Long-term incentive plans

49.8

53.5

49.1

Distribution expenses

134.8

127.4

104.7

Investment administration

13.1

12.6

12.6

Marketing

6.7

6.2

3.7

General, administrative and occupancy

65.7

63.0

58.0

Impairment of goodwill and intangible assets

40.8

3.6

26.4

Depreciation and amortisation

10.1

10.6

11.0

Total operating expenses

513.4

451.5

411.3

Operating income

225.0

192.5

106.7

Interest expense

(3.2

)

(3.2

)

(3.2

)

Investment gains, net

1.8

1.6

50.3

Other non-operating income (expense), net

(2.7

)

(0.1

)

8.6

Income before taxes

220.9

190.8

162.4

Income tax provision

(79.7

)

(43.1

)

(30.1

)

Net income

141.2

147.7

132.3

Net loss (income) attributable to noncontrolling interests

(3.9

)

7.8

(29.4

)

Net income attributable to JHG

137.3

155.5

102.9

Less: allocation of earnings to participating stock-based awards

(3.9

)

(4.8

)

(3.0

)

Net income attributable to JHG common shareholders

133.4

150.7

99.9

Basic weighted-average shares outstanding (in millions)

167.6

171.0

181.8

Diluted weighted-average shares outstanding (in millions)

168.1

171.8

182.1

Diluted earnings per share (in US$)

0.79

0.88

0.55

Reconciliation of non-GAAP financial information

In addition to financial results reported in accordance with GAAP, we compute certain financial measures using non-GAAP components, as defined by the SEC. These measures are not in accordance with, or a substitute for, GAAP, and our financial measures may be different from non-GAAP financial measures used by other companies. We have provided a reconciliation of our non-GAAP components to the most directly comparable GAAP components. The following are reconciliations of US GAAP revenue, operating expenses, operating income, net income attributable to JHG and diluted earnings per share to adjusted revenue, adjusted operating expenses, adjusted operating income, adjusted net income attributable to JHG and adjusted diluted earnings per share.

Three months ended

30 Jun

31 Mar

30 Jun

(in US$ millions, except per share data or as noted)

2021

2021

2020

Reconciliation of revenue to adjusted revenue

Revenue

738.4

644.0

518.0

Management fees¹

(49.6

)

(46.8

)

(40.2

)

Shareowner servicing fees¹

(53.1

)

(50.0

)

(39.0

)

Other revenue¹

(32.1

)

(30.6

)

(25.5

)

Adjusted revenue

603.6

516.6

413.3

Reconciliation of operating expenses to adjusted operating expenses

Operating expenses

513.4

451.5

411.3

Employee compensation and benefits²

—

—

(0.5

)

Long-term incentive plans²

0.1

0.1

0.2

Distribution expenses¹

(134.8

)

(127.4

)

(104.7

)

General, administration and occupancy²

(1.7

)

(3.6

)

(2.8

)

Impairment of goodwill and intangible assets³

(40.8

)

(3.6

)

(26.4

)

Depreciation and amortisation³

(1.9

)

(1.9

)

(2.2

)

Adjusted operating expenses

334.3

315.1

274.9

Adjusted operating income

269.3

201.5

138.4

Operating margin

30.5

%

29.9

%

20.6

%

Adjusted operating margin

44.6

%

39.0

%

33.5

%

Reconciliation of net income attributable to JHG to adjusted net income attributable to JHG

Net income attributable to JHG

137.3

155.5

102.9

Employee compensation and benefits²

—

—

0.5

Long-term incentive plans²

(0.1

)

(0.1

)

(0.2

)

General, administration and occupancy²

1.7

3.6

2.8

Impairment of goodwill and intangible assets³

40.8

3.6

26.4

Depreciation and amortisation³

1.9

1.9

2.2

Investment gains, net⁴

—

0.2

—

Other non-operating income (expense), net⁴

(1.7

)

(1.8

)

(0.6

)

Income tax benefit (provision)⁵

20.6

(1.4

)

(7.4

)

Adjusted net income attributable to JHG

200.5

161.5

126.6

Less: allocation of earnings to participating stock-based awards

(5.7

)

(5.0

)

(3.7

)

Adjusted net income attributable to JHG common shareholders

194.8

156.5

122.9

Weighted-average diluted common shares outstanding – diluted (two class) (in millions)

168.1

171.8

182.1

Diluted earnings per share (two class) (in US$)

0.79

0.88

0.55

Adjusted diluted earnings per share (two class) (in US$)

1.16

0.91

0.67

JHG contracts with third-party intermediaries to distribute and service certain of its investment products. Fees for distribution and servicing related activities are either provided for separately in an investment product’s prospectus or are part of the management fee. Under both arrangements, the fees are collected by JHG and passed through to third-party intermediaries who are responsible for performing the applicable services. The majority of distribution and servicing fees collected by JHG are passed through to third-party intermediaries. JHG management believes that the deduction of distribution and service fees from revenue in the computation of adjusted revenue reflects the pass-through nature of these revenues. In certain arrangements, JHG performs the distribution and servicing activities and retains the applicable fees. Revenues for distribution and servicing activities performed by JHG are not deducted from GAAP revenue.

Adjustments primarily represent rent expense for subleased office space as well as administrative costs related to Dai-ichi Life’s secondary offering. JHG management believes these costs are not representative of the ongoing operations of the Group.

Investment management contracts have been identified as a separately identifiable intangible asset arising on the acquisition of subsidiaries and businesses. Such contracts are recognised at the net present value of the expected future cash flows arising from the contracts at the date of acquisition. For segregated mandate contracts, the intangible asset is amortised on a straight-line basis over the expected life of the contracts. Adjustments also include impairment charges of our goodwill and certain mutual fund investment management agreements, client relationships and trademarks. JHG management believes these non-cash and acquisition-related costs are not representative of the ongoing operations of the Group.

Adjustments primarily relate to contingent consideration adjustments associated with prior acquisitions. JHG management believes these costs are not representative of the ongoing operations of the Group.

The tax impact of the adjustments is calculated based on the applicable US or foreign statutory tax rate as it relates to each adjustment. Certain adjustments are either not taxable or not tax-deductible. Adjustments for the three months ended 30 June 2021 include a non-cash deferred tax expense of US$31.0 million due to the enactment of Finance Act 2021 during the second quarter 2021.

Condensed consolidated balance sheets (unaudited)

30 Jun

31 Dec

(in US$ millions)

2021

2020

Assets:

Cash and cash equivalents

966.9

1,099.7

Investment securities

270.2

268.1

Property, equipment and software, net

66.4

77.9

Intangible assets and goodwill, net

4,027.2

4,070.2

Assets of consolidated variable interest entities

228.9

226.5

Other assets

1,070.9

948.4

Total assets

6,630.5

6,690.8

Liabilities, redeemable noncontrolling interests and equity:

Long-term debt

311.9

313.3

Deferred tax liabilities, net

648.2

627.4

Liabilities of consolidated variable interest entities

4.2

3.2

Other liabilities

899.7

927.3

Redeemable noncontrolling interests

124.9

85.8

Total equity

4,641.6

4,733.8

Total liabilities, redeemable noncontrolling interests and equity

6,630.5

6,690.8

Condensed consolidated statements of cash flows (unaudited)

Three months ended

30 Jun

31 Mar

30 Jun

(in US$ millions)

2021

2021

2020

Cash provided by (used for):

Operating activities

269.0

25.8

204.6

Investing activities

(66.3

)

23.4

(166.8

)

Financing activities

(62.0

)

(322.5

)

37.4

Effect of exchange rate changes

—

1.8

3.0

Net change during period

140.7

(271.5

)

78.2

STATUTORY DISCLOSURES

Associates and joint ventures

At 30 June 2021, the Group holds interests in the following associates and joint ventures managed through shareholder agreements with third party investors, accounted for under the equity method:

LongTail Alpha LLC ownership 20%

Basis of preparation

In the opinion of management of Janus Henderson Group plc, the condensed consolidated financial statements contain all normal recurring adjustments necessary to fairly present the financial position, results of operations and cash flows of JHG in accordance with US GAAP. Such financial statements have been prepared in accordance with the instructions to Form 10‑Q pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The financial statements should be read in conjunction with the annual consolidated financial statements and notes presented in Janus Henderson Group’s Annual Report on Form 10‑K for the year ended 31 December 2020, on file with the SEC (Commission file no. 001‑38103). Events subsequent to the balance sheet date have been evaluated for inclusion in the financial statements through the issuance date and are included in the notes to the condensed consolidated financial statements.

Corporate governance principles and recommendations

In the opinion of the Directors, the financial records of the Group have been properly maintained, and the Condensed Consolidated Financial Statements comply with the appropriate accounting standards and give a true and fair view of the financial position and performance of the Group. This opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

FORWARD-LOOKING STATEMENTS DISCLAIMER

Past performance is no guarantee of future results. Investing involves risk, including the possible loss of principal and fluctuation of value.

This document includes statements concerning potential future events involving Janus Henderson Group plc that could differ materially from the events that actually occur. The differences could be caused by a number of factors including those factors identified in Janus Henderson Group’s Annual Report on Form 10‑K for the fiscal year ended 31 December 2020 and in other filings or furnishings made by the Company with the Securities and Exchange Commission from time to time (Commission file no. 001‑38103), including those that appear under headings such as ‘Risk Factors’ and ‘Management’s Discussion and Analysis of Financial Condition and Results of Operations’. Many of these factors are beyond the control of JHG and its management. Any forward-looking statements contained in this document are as at the date on which such statements were made. Janus Henderson Group undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except as required by law.

Annualised, pro forma, projected and estimated numbers are used for illustrative purposes only, are not forecasts and may not reflect actual results.

The information, statements and opinions contained in this document do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of any offer to buy any securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments.

Not all products or services are available in all jurisdictions.

Mutual funds in the US are distributed by Janus Henderson Distributors.

Please consider the charges, risks, expenses and investment objectives carefully before investing. For a US fund prospectus or, if available, a summary prospectus containing this and other information, please contact your investment professional or call 800.668.0434. Read it carefully before you invest or send money.

Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210729005313/en/

Investor enquiries:

Jim Kurtz
Co-Head Investor Relations (US)

+1 303 336 4529

[email protected]

Melanie Horton

Co-Head Investor Relations (Non-US)

+44 (0)20 7818 2905

[email protected]

Or

Investor Relations

[email protected]

Media enquiries:

Stephen Sobey

Head of Media Relations

+44 (0)20 7818 2523

[email protected]

Sarah Johnson

Director, Media Relations & Corporate Comms

+1 720 364 0708

[email protected]

United Kingdom: Edelman Smithfield

Latika Shah

+44 (0)7950 671 948

[email protected]

Andrew Wilde

+44 (0)7786 022 022

[email protected]

Asia Pacific: Honner

Craig Morris

+61 2 8248 3757

[email protected]

KEYWORDS: Australia/Oceania Europe Australia United Kingdom

INDUSTRY KEYWORDS: Professional Services Finance

MEDIA:

Logo

Posted on July 29, 2021 3:33 am
SIGA Announces Collaboration with Oxford University to Support Expanded Access Protocol for Use of TPOXX® (Tecovirimat) To Treat Monkeypox in Central African Republic

NEW YORK, July 29, 2021 (GLOBE NEWSWIRE) — SIGA Technologies, Inc. (SIGA) (NASDAQ: SIGA), a commercial-stage pharmaceutical company focused on the health security market, today announced that it has entered into a collaboration with Oxford University in the United Kingdom (UK) to provide TPOXX® (tecovirimat) under an expanded access protocol to treat individuals affected by monkeypox in the Central African Republic (CAR). Under the agreement, Oxford University will sponsor the protocol and study in CAR, and SIGA will provide up to 500 courses of TPOXX (tecovirimat) at no cost.

The Institut Pasteur of Bangui (“IPB”), a research foundation established in CAR in 1961, will act as coordinator and be responsible for oversight and conduct of the study in CAR including managing the investigational sites, hosting the clinical trial database and performing the biological testing. The Ministry of Health and Population of CAR (“Ministry”) will be responsible for the administration of TPOXX (tecovirimat) to patients with monkeypox infection at the selected investigational sites.

“Since the cessation of routine smallpox immunization in Central Africa, the region appears to be experiencing more outbreaks of monkeypox, a significant disease with mortality rates that can be up to 5 – 10% and that often disproportionately impacts children in rural areas,” said Dennis Hruby, Chief Scientific Officer of SIGA Technologies. “SIGA is proud to provide TPOXX (tecovirimat) as a treatment for this public health challenge under an expanded access protocol, as we believe it may be an important approach to addressing the growing challenge of monkeypox in Central Africa.”

In addition to providing TPOXX to this study, SIGA is seeking inclusion of treatment of monkeypox in the label indication as it works with the European Medicines Agency (EMA) to obtain regulatory approval for oral tecovirimat (marketed as TPOXX in the United States where that brand name has been approved). The company anticipates EMA approval of tecovirimat in late 2021 or early 2022 and has requested a label indication that includes treatment of smallpox, monkeypox, cowpox, and complications due to vaccinia vaccination.

“The Ministry of Health and Population, which oversees the study and management of monkeypox cases in the Central African Republic, is pleased to be participating in this important study,” said Emmanuel Rivalyn Nakouné Yandoko, Scientific Director of the Institut Pasteur de Bangui, which plays a key role as a consultative institution for the Ministry of Health in CAR and is collaborating with the Ministry on this study.

Piero Olliaro, Professor of Infectious Diseases of Poverty and Director of Science at the International Severe Acute Respiratory and emerging Infection Consortium (ISARIC) – whose Global Support Centre is hosted by the University of Oxford – said “Monkeypox is a vastly neglected disease that attracts little attention and inadequate research investments. We are grateful that SIGA is making tecovirimat, which is approved in the United States for the treatment of smallpox, available under expanded access conditions to the Ministry of Health of CAR and are pleased that the company is working to extend the indications of tecovirimat to include monkeypox and other orthopoxviruses.”

ISARIC is working with collaboratively with Institut Pasteur Bangui and the Ministry of Health to train health personnel and optimizing delivery and monitoring of tecovirimat treatment. Although not a formal clinical trial, the expanded access program will be conducted following good clinical practices, providing important insights into the effects of tecovirimat when delivered in real-life conditions.”

Monkeypox is a contagious disease caused by infection with monkeypox virus, a virus closely related to variola virus, which causes smallpox. Monkeypox is characterized by severe flu-like symptoms and a rash of pus-filled pocks that may cover the whole body. The rash may not occur until approximately two weeks after exposure to the virus, making it difficult to diagnose initially, and, if not fatal, the disease may last nearly a month.. Almost all infections result from exposure to infected animals, although person-to-person transmission is possible. Most cases occur in Central and West African countries, but infections have been documented outside of Africa, including cases in the United States just this month (July 2021) and previously (2003), UK (2018, 2019), and Israel (2018). In comparison to West African strains, infections with Central African strains are typically more severe and more likely to be fatal (1 – 10%). The incidence of disease is likely to continue to increase, both within Africa and elsewhere, as protective immunity in the population decreases. This decreased immunity is due in part to cessation of vaccination for smallpox, which provided cross-reactive immunity to monkeypox, following the eradication of smallpox in 1980.

On July 2018, the U.S. Food and Drug Administration (FDA) approved the oral formulation of TPOXX (tecovirimat) for the treatment of smallpox to mitigate the impact of a potential outbreak or bioterror attack. TPOXX (tecovirimat), a small molecule, is the first therapy specifically approved for this indication, and was developed through funding and collaboration with Biomedical Advanced Research and Development Authority at the U.S. Department of Health and Human Services, as well as early stage development supported by the National Institutes of Health, U.S. Centers for Disease Control and Prevention, and the Department of Defense. In 2020, SIGA submitted an application for marketing authorization to the European Medicines Agency (EMA) that includes a broader label indication including the treatment of orthopox indications, including monkeypox, cowpox, and vaccinia complications in addition to smallpox. Approval is expected in late 2021 or early 2022.

ABOUT SIGA TECHNOLOGIES, INC. and TPOXX
^®

SIGA Technologies, Inc. is a commercial-stage pharmaceutical company focused on the health security market. Health security comprises countermeasures for biological, chemical, radiological and nuclear attacks (biodefense market), vaccines and therapies for emerging infectious diseases, and health preparedness. Our lead product is TPOXX^® (tecovirimat) also known as ST-246®, an orally administered and IV formulation antiviral drug for the treatment of human smallpox disease caused by variola virus. TPOXX is a novel small-molecule drug and the US maintains a stockpile of 1.7 million courses in the Strategic National Stockpile under Project BioShield. The oral formulation of TPOXX was approved by the FDA for the treatment of smallpox in adults and children weighing more than 13 kg on July 13, 2018. In September 2018, SIGA signed a new contract with Biomedical Advanced Research and Development Authority (BARDA) for additional procurement and development related to both oral and intravenous formulations of TPOXX (tecovirimat). For more information about SIGA, please visit www.siga.com.

ABOUT OXFORD UNIVERSITY AND ISARIC

ISARIC is a global federation of clinical research networks, providing a proficient, coordinated, and agile research response to outbreak-prone infectious diseases. ISARIC’s purpose is to prevent illness and deaths from infectious diseases outbreaks. For more information about ISARIC, please visit www.isaric.org.

FORWARD-LOOKING STATEMENTS

This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are subject to various known and unknown risks and uncertainties, and SIGA cautions you that any forward-looking information provided by or on behalf of SIGA is not a guarantee of future performance. More detailed information about SIGA and risk factors that may affect the realization of forward-looking statements, including the forward-looking statements in this press release, is set forth in SIGA’s filings with the Securities and Exchange Commission, including SIGA’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, and in other documents that SIGA has filed with the SEC. SIGA urges investors and security holders to read those documents free of charge at the SEC’s web site at http://www.sec.gov. Interested parties may also obtain those documents free of charge from SIGA. Forward-looking statements are current only as of the date on which such statements were made, and except for our ongoing obligations under the United States of America federal securities laws, we undertake no obligation to update publicly any forward-looking statements whether as a result of new information, future events, or otherwise.

The information contained in this press release does not necessarily reflect the position or the policy of the Government and no official endorsement should be inferred.

Contacts:

Media Contacts:

U.S. Media
Erich Sandoval
[email protected]
917-497-2867

UK Media
Julian Tyndale-Biscoe
[email protected]

Investor Contacts

Laine Yonker, Edison Group

[email protected]

Michael Crawford, Edison Group

[email protected]

Posted on July 29, 2021 3:28 am
Partner Communications to Release Second Quarter 2021 Results on August 18, 2021

PR Newswire

ROSH HA’AYIN, Israel, July 29, 2021 /PRNewswire/ — Partner Communications Company Ltd. (“Partner” or “the Company”) (NASDAQ: PTNR) (TASE: PTNR), a leading Israeli communications operator, announced today that the Company’s financial results for the quarter ended June 30, 2021 will be released on Wednesday, August 18, 2021.

The Company will host a conference call to discuss its financial results on Wednesday, August 18, 2021 at 10.00 a.m. Eastern Time / 5.00 p.m. Israel Time.

Please dial the following numbers (at least 10 minutes before the scheduled time) in order to participate:

International: +972.3.918.0687
North America toll-free: +1.866.860.9642

A live webcast of the call will also be available on Partner’s Investors Relations website at: http://www.partner.co.il/en/Investors-Relations/lobby

If you are unavailable to join live, the replay of the call will be available fromAugust 18, 2021 until September 1, 2021, at the following numbers:

International: +972.3.925.5921
North America toll-free: +1.888.254.7270

In addition, the archived webcast of the call will be available on Partner’s Investor Relations website at the above address for approximately three months.

About Partner Communications

Partner Communications Company Ltd. is a leading Israeli provider of telecommunications services (cellular, fixed-line telephony, internet and television services). Partner’s ADSs are quoted on the NASDAQ Global Select Market™ and its shares are traded on the Tel Aviv Stock Exchange (NASDAQ: PTNR) (TASE: PTNR).

For more information about Partner see: http://www.partner.co.il/en/Investors-Relations/lobby

Contact:

Tamir Amar

Deputy CEO & Chief Financial Officer

Tel: +972 (54) 781 4951

Amir Adar

Head of Investor Relations & Corporate Projects

Tel: +972 (54) 781 5051

E-mail: [email protected]

View original content:https://www.prnewswire.com/news-releases/partner-communications-to-release-second-quarter-2021-results-on-august-18-2021-301344011.html

SOURCE Partner Communications Company Ltd.

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